Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong Sells 33,333 Shares of Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. This represents a 2.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Reddit Trading Down 7.6 %

RDDT opened at $175.18 on Friday. The stock has a fifty day simple moving average of $184.25 and a two-hundred day simple moving average of $122.41. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Robert W. Baird upped their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Loop Capital upped their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Wells Fargo & Company upped their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Bank of America upped their target price on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $175.45.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after buying an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. boosted its stake in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.